Reps query SEC for non-remittance of N19.355bn revenue

The House of Representatives on Tuesday quizzed management of Securities and Exchange Commission (SEC) over non-remittance of 25 per cent operating surplus out of the N19.355 billion revenue accrued between 2018 and 2020 fiscal years.

Chairman, joint House Committee on Appropriations, Finance, Aids, Loans and Debt Management, Hon Abiodun Faleke made the observation on day-4 of the interactive session on the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in Abuja.

The lawmaker who frowned at the paltry sum of N116,835,713.04 remitted within the period under review, however, observed that SEC was under obligation to remit N4,721,809,362 into the coffers of the Federal Government.

According to the records presented to the joint committee by SEC Director-General, Mr Lamido Yuguda, the organisation realised N9.143 billion against the sum of N8.083 billion expenditure for 2018.

In the year 2019, out of the sum of N12.001 billion realized, the Commission expended the sum of N8.533 billion.

For year 2020, the Commission which projected revenue of N12.318 billion has so far realized N2.739 billion.

SEC was said to have remitted N30 million via receipt No. G003071026 for the year 2018 even as it was said was to have remitted N30 million with the receipt No. G003244118 and additional sum of N56.835 million as operating surplus with receipt No. G003254018) for 2019.

But for the year 2020 as at the date of rendering report to the joint committee, only N2.739 billion was said to have been received out of a projected N12.318 billion for the year.